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CoinSwitch Kuber faces the brunt of Twitter's disappointment after it disables the withdrawal feature
There are no ripples in the space because CoinSwitch Kuber has temporarily disabled crypto withdrawals for investors.
Ever since cryptocurrency has started gaining traction in India, it has been a bone of contention among investors, observers, and governments. The financial space is brimming with crypto discussions with many debates about its acceptance, safety, legitimacy, and potential for growth. There has also been a steady influx of investors hoping to grow their money with cryptocurrency investments. The smart trading era, however, has also garnered varying opinions from governments and people.
While cryptocurrency investments have been quite popular among Americans since the early 2010s, it is a relatively new craze among Indian investors. A tremendous wave of new cryptocurrency investors in India came in 2021. This year the Indian cryptocurrency investor space grew by 20 million investors. This and the enormous volume of investments amounting to $638 million contributed to the popularity of new-age cryptocurrency trading apps like CoinSwitch Kuber, CoinDCX, Zebpay, WazirX, etc.
There are no ripples in the space because CoinSwitch Kuber has temporarily disabled crypto withdrawals for investors. In that regard, the news that CoinSwitch Kuber disabled crypto withdrawal temporality to adhere to foreign exchange guidelines. The space has always brimmed with controversies regarding the trading of Bitcoin, Ethereum, Tether, and other similar assets. These controversies can be attributed to the volatility of markets, government regulations, etc.
This has caused a stir on Twitter and has garnered powerful reactions from investors and onlookers. Some Twitter users are wondering about the future of cryptocurrency in India and others are livid at CoinSwitch Kuber for this step.
To console the exasperated users, the official Twitter handle of CoinSwitch tweeted "we are currently engaging with the regulators and policymakers in bringing regulations. Until some clarity is achieved, the crypto withdrawal function will remain disabled on the CoinSwitch Kuber platform. We request your patience in this".
Following the response of the Indian government to cryptocurrency investments and trading and the introduction of new laws and guidelines, these challenges, like market crashes, disablements, etc. aren't surprising. It is now best to wait and watch how the fate of cryptocurrency in India unfolds.